In the Ogden, UT market in July, closings of new homes sank year-over-year, shifting downward off a rise in June 2016. New home closings saw a 35.6% fall from a year earlier to 96. This followed a 17.0% climb year-over-year in June.
A total of 1,512 new homes were sold during the 12 months that ended in July, down from 1,565 for the year that ended in June.
New home closings made up 9.4% of overall housing closings. A year ago, new home closings represented 10.2%. Following a year-over-year rise in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
In July, the average price of newly sold homes jumped year-over-year to $341,538 per unit, a 5.6% hike. This boost is an improvement over the 2.3% bump in June year-over-year.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. In July 2016, average mortgage size on new homes sold was $290,985, down 3.6% from a year earlier. In June 2016, average mortgage size sank 7.8% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 84.6% of new home closings to 84.4% of closings while attached units have gone from 15.4% of closings to 15.6% of closings.
There was a 17.3% fall year-over-year in the average unit size of newly sold homes to 1,909 square feet in July 2016. This drop was opposite the price rise, a pattern also seen in June 2016 when the average size of newly sold homes declined 16.5% to 1,943 square feet. In June, the average size of new homes sold went from 2,328 square feet a year earlier to 1,943 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 7.6% of existing closings, lower than 9.6% a year earlier. The percentage of existing home closings involving foreclosures stayed at 4.3% of closings in July from a year earlier while REO closings as a percentage of existing home closings dropped to 3.3% from 5.4% a year earlier.